36. During the period of transition, the Agency will be empowereith the approval of the Treasury to provide finance for companies whose securities they hold.
37. The Agency will exercise their powers as shareholders in the normal way, but will not intervene in matters of day to day management. It is intended that, pending disposal, companies owned by the Agency should operate as far as possible on the same footing as their privately owned competitors, and should stand in the same relationship as the latter to the Iron and Steel Board,
Finance
38. The Agency will pay to the Treasury the monies they receive from sales and dividends. The Treasury will provide such sums as are necessary to meet the Agency's outgoings.
39. Iron and Steel Stock will become part of the National Debt and will be re-named 34 per cent. Treasury Stock, 1979-81.
40. The Agency will be empowered to accept this Stock and most other Government Stock in payment for securities of iron and steel companies sold by them. Since the sale price will be fixed in relation to conditions current at the time of sale, these Government Stocks will be accepted at their then current market value.
Report to Parliament
41. The Agency will make an annual report to the Treasury who will lay it before Parliament.
j
APPENDIX
IRON AND STEEL PROCESSES TO BE SUPERVISED
BY THE BOARD
1. The working and getting of iron ore or the treatment or preparation of iron ore for smelting.
2. The smelting of iron ore in a blast furnace with or without other metalliferous materials or the production of iron by any other process.
3. The production of steel by any process.
4. The casting of iron or steel by any process.
5. The processing, with or without heat, of iron or steel by rolling or forging (excluding drop forging and blacksmiths' hand forging).
6. The production from iron or steel of hot-finished welded tubes or pipes or hot-finished seamless tubes, or pipes or bright bars.
7. The production of tinplate or terneplate.
(1PQg¥. F4363f, PF30, 150 150, 150, 150
25 150,
Page 24325 GREAT
EAT BRITAIN
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